Company Quick10K Filing
Lakeland Financial
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 26 $1,164
10-Q 2019-11-01 Quarter: 2019-09-30
10-Q 2019-08-09 Quarter: 2019-06-30
10-Q 2019-05-03 Quarter: 2019-03-31
10-K 2019-02-28 Annual: 2018-12-31
10-Q 2018-11-05 Quarter: 2018-09-30
10-Q 2018-08-03 Quarter: 2018-06-30
10-Q 2018-05-07 Quarter: 2018-03-31
10-K 2018-03-01 Annual: 2017-12-31
10-Q 2017-11-07 Quarter: 2017-09-30
10-Q 2017-08-07 Quarter: 2017-06-30
10-Q 2017-05-10 Quarter: 2017-03-31
10-K 2017-03-01 Annual: 2016-12-31
10-Q 2016-11-09 Quarter: 2016-09-30
10-Q 2016-08-09 Quarter: 2016-06-30
10-Q 2016-05-10 Quarter: 2016-03-31
10-K 2016-03-03 Annual: 2015-12-31
10-Q 2015-11-09 Quarter: 2015-09-30
10-Q 2015-08-10 Quarter: 2015-06-30
10-Q 2015-05-11 Quarter: 2015-03-31
10-K 2015-03-05 Annual: 2014-12-31
10-Q 2014-11-10 Quarter: 2014-09-30
10-Q 2014-08-11 Quarter: 2014-06-30
10-Q 2014-05-12 Quarter: 2014-03-31
10-K 2014-03-03 Annual: 2013-12-31
10-Q 2013-11-12 Quarter: 2013-09-30
10-Q 2013-08-09 Quarter: 2013-06-30
10-Q 2013-05-10 Quarter: 2013-03-31
10-K 2013-03-04 Annual: 2012-12-31
10-Q 2012-11-07 Quarter: 2012-09-30
10-Q 2012-08-08 Quarter: 2012-06-30
10-Q 2012-05-10 Quarter: 2012-03-31
10-K 2012-03-05 Annual: 2011-12-31
10-Q 2011-11-09 Quarter: 2011-09-30
10-Q 2011-08-09 Quarter: 2011-06-30
10-Q 2011-05-09 Quarter: 2011-03-31
10-K 2011-03-07 Annual: 2010-12-31
10-Q 2010-11-04 Quarter: 2010-09-30
10-Q 2010-08-04 Quarter: 2010-06-30
10-Q 2010-05-05 Quarter: 2010-03-31
10-K 2010-03-08 Annual: 2009-12-31
8-K 2020-01-14 Regulation FD
8-K 2019-11-14 Other Events
8-K 2019-11-04 Officers, Exhibits
8-K 2019-10-25 Earnings, Exhibits
8-K 2019-10-08 Regulation FD
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-07-09 Regulation FD
8-K 2019-04-25 Earnings, Exhibits
8-K 2019-04-09 Regulation FD, Exhibits
8-K 2019-04-09 Shareholder Vote
8-K 2019-03-20 Amend Bylaw, Exhibits
8-K 2019-03-14 Officers, Regulation FD, Exhibits
8-K 2019-01-25 Earnings, Other Events, Exhibits
8-K 2019-01-08 Regulation FD
8-K 2018-11-27 Officers
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-10-11 Officers, Regulation FD, Exhibits
8-K 2018-10-09 Regulation FD
8-K 2018-07-25 Earnings, Exhibits
8-K 2018-07-10 Regulation FD
8-K 2018-04-25 Earnings, Exhibits
8-K 2018-04-10 Regulation FD, Exhibits
8-K 2018-04-10 Regulation FD, Exhibits
8-K 2018-01-25 Earnings, Exhibits
8-K 2018-01-11 Regulation FD
8-K 2018-01-09 Regulation FD
LKFN 2019-09-30
Item 1. Financial Statements
Note 1. Basis of Presentation
Note 2. Securities
Note 3. Loans
Note 4. Allowance for Loan Losses and Credit Quality
Note 5. Fair Value Disclosures
Note 6. Securities Sold Under Agreements To Repurchase
Note 7. Employee Benefit Plans
Note 8. Offsetting Assets and Liabilities
Note 9. Earnings per Share
Note 10. Accumulated Other Comprehensive Income (Loss)
Note 11. Leases
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
Item 4 - Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ex-31d1.htm
EX-31.2 ex-31d2.htm
EX-32.1 ex-32d1.htm
EX-32.2 ex-32d2.htm

Lakeland Financial Earnings 2019-09-30

LKFN 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
STBA 1,255 7,335 6,370 0 0 107 194 1,248 6.4 1%
SRCE 1,228 6,650 5,845 0 0 87 166 1,131 6.8 1%
OFG 1,223 6,464 5,419 0 0 95 185 545 2.9 1%
FBK 1,212 5,940 5,222 0 0 77 161 1,048 6.5 1%
CHCO 1,212 4,940 4,304 46 0 76 129 1,043 0% 8.1 2%
LKFN 1,164 4,976 4,410 0 0 85 164 968 0% 5.9 2%
TCBK 1,140 6,395 5,519 39 0 85 131 964 0% 7.4 1%
EFSC 1,101 7,182 6,356 0 0 81 161 912 5.7 1%
NBHC 1,092 5,858 5,124 0 0 75 120 990 8.2 1%
FBNC 1,076 6,012 5,197 0 0 92 158 737 4.7 2%

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to _____________

Commission File Number: 0-11487

LAKELAND FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Indiana

35-1559596

(State or Other Jurisdiction

(IRS Employer

of Incorporation or Organization)

 

Identification No.)

202 East Center Street,

Warsaw, Indiana

46580

(Address of principal executive offices)

(Zip Code)

(574) 2676144

(Registrant’s Telephone Number, Including Area Code)

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, No par value

LKFN

The Nasdaq Stock Market LLC

(Nasdaq Global Select Market)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of ‘‘large accelerated filer,’’ ‘‘accelerated filer,’’ ‘‘smaller reporting company,’’ and ‘‘emerging growth company’’ in Rule 12b–2 of the Exchange Act.

Large accelerated filer    Accelerated filer    Non-accelerated filer

Smaller reporting company     Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Number of shares of common stock outstanding at October 31, 2019:  25,623,016

Table of Contents

TABLE OF CONTENTS

Page

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements

1

Consolidated Balance Sheets — September 30, 2019 and December 31, 2018

1

Consolidated Statements of Income — three months and nine months ended September 30, 2019 and 2018

2

Consolidated Statements of Comprehensive Income — three months and nine months ended September 30, 2019 and 2018

3

Consolidated Statements of Changes in Stockholders’ Equity — three months and nine months ended September 30, 2019 and 2018

4

Consolidated Statements of Cash Flows — nine months ended September 30, 2019 and 2018

5

Notes to the Consolidated Financial Statements

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

35

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

51

Item 4.

Controls and Procedures

51

PART II. OTHER INFORMATION

52

Item 1.

Legal Proceedings

52

Item 1A.

Risk Factors

52

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

52

Item 3.

Defaults Upon Senior Securities

52

Item 4.

Mine Safety Disclosures

52

Item 5.

Other Information

52

Item 6.

Exhibits

53

SIGNATURES

54

Table of Contents

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS (in thousands, except share data)

September 30, 

December 31, 

    

2019

    

2018

(Unaudited)

ASSETS

Cash and due from banks

$

90,442

$

192,290

Short-term investments

46,133

24,632

Total cash and cash equivalents

136,575

216,922

Securities available-for-sale (carried at fair value)

613,230

585,549

Real estate mortgage loans held-for-sale

7,424

2,293

Loans, net of allowance for loan losses of $50,628 and $48,453

3,972,593

3,866,292

Land, premises and equipment, net

59,631

58,097

Bank owned life insurance

83,153

77,106

Federal Reserve and Federal Home Loan Bank stock

13,772

13,772

Accrued interest receivable

15,823

15,518

Goodwill

4,970

4,970

Other assets

40,984

34,735

Total assets

$

4,948,155

$

4,875,254

LIABILITIES AND STOCKHOLDERS’ EQUITY

LIABILITIES

Noninterest bearing deposits

$

1,011,336

$

946,838

Interest bearing deposits

3,272,054

3,097,227

Total deposits

4,283,390

4,044,065

Borrowings

Securities sold under agreements to repurchase

0

75,555

Federal Home Loan Bank advances

0

170,000

Subordinated debentures

30,928

30,928

Total borrowings

30,928

276,483

Accrued interest payable

12,071

10,404

Other liabilities

37,330

22,598

Total liabilities

4,363,719

4,353,550

STOCKHOLDERS’ EQUITY

Common stock: 90,000,000 shares authorized, no par value 25,623,016 shares issued and 25,445,400 outstanding as of September 30, 2019 25,301,732 shares issued and 25,128,773 outstanding as of December 31, 2018

114,243

112,383

Retained earnings

460,736

419,179

Accumulated other comprehensive income (loss)

13,467

(6,191)

Treasury stock at cost (177,616 shares as of September 30, 2019, 172,959 shares as of December 31, 2018)

(4,099)

(3,756)

Total stockholders’ equity

584,347

521,615

Noncontrolling interest

89

89

Total equity

584,436

521,704

Total liabilities and equity

$

4,948,155

$

4,875,254

The accompanying notes are an integral part of these consolidated financial statements.

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Table of Contents

CONSOLIDATED STATEMENTS OF INCOME (unaudited - in thousands, except share and per share data)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2019

    

2018

    

2019

    

2018

NET INTEREST INCOME

Interest and fees on loans

Taxable

$

50,139

$

46,127

$

149,094

$

132,360

Tax exempt

234

208

720

627

Interest and dividends on securities

Taxable

2,209

2,275

6,956

7,201

Tax exempt

1,819

1,570

5,171

4,367

Other interest income

368

199

957

687

Total interest income

54,769

50,379

162,898

145,242

Interest on deposits

14,692

11,473

44,131

31,488

Interest on borrowings

Short-term

113

555

1,295

861

Long-term

419

426

1,307

1,212

Total interest expense

15,224

12,454

46,733

33,561

NET INTEREST INCOME

39,545

37,925

116,165

111,681

Provision for loan losses

1,000

1,100

2,985

6,100

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

38,545

36,825

113,180

105,581

NONINTEREST INCOME

Wealth advisory fees

1,736

1,627

5,002

4,676

Investment brokerage fees

386

376

1,300

1,043

Service charges on deposit accounts

3,654

4,114

12,791

11,542

Loan and service fees

2,518

2,327

7,403

6,925

Merchant card fee income

690

643

1,982

1,834

Bank owned life insurance income

515

466

1,246

1,177

Mortgage banking income

636

319

1,256

998

Net securities gains (losses)

6

0

94

(6)

Other income

624

752

2,804

2,036

Total noninterest income

10,765

10,624

33,878

30,225

NONINTEREST EXPENSE

Salaries and employee benefits

12,837

12,755

37,231

36,267

Net occupancy expense

1,351

1,229

4,000

3,892

Equipment costs

1,385

1,316

4,143

3,840

Data processing fees and supplies

2,620

2,489

7,619

7,292

Corporate and business development

999

891

3,376

3,070

FDIC insurance and other regulatory fees

(249)

412

566

1,282

Professional fees

1,479

934

3,487

2,716

Other expense

2,315

2,174

6,880

5,346

Total noninterest expense

22,737

22,200

67,302

63,705

INCOME BEFORE INCOME TAX EXPENSE

26,573

25,249

79,756

72,101

Income tax expense

5,119

4,679

14,907

13,053

NET INCOME

$

21,454

$

20,570

$

64,849

$

59,048

BASIC WEIGHTED AVERAGE COMMON SHARES

25,622,338

25,301,033

25,576,740

25,284,085

BASIC EARNINGS PER COMMON SHARE

$

0.84

$

0.81

$

2.54

$

2.33

DILUTED WEIGHTED AVERAGE COMMON SHARES

25,796,696

25,745,151

25,745,029

25,719,693

DILUTED EARNINGS PER COMMON SHARE

$

0.83

$

0.80

$

2.52

$

2.30

The accompanying notes are an integral part of these consolidated financial statements.

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Table of Contents

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited - in thousands)

Three months ended September 30,

Nine months ended September 30,

    

2019

    

2018

    

2019

    

2018

Net income

$

21,454

$

20,570

$

64,849

$

59,048

Other comprehensive income (loss)

Change in securities available for sale:

Unrealized holding gain (loss) on securities available-for-sale arising during the period

4,979

(4,576)

24,832

(15,978)

Reclassification adjustment for (gains) losses included in net income

(6)

0

(94)

6

Net securities gain (loss) activity during the period

4,973

(4,576)

24,738

(15,972)

Tax effect